Retail tech startup Trax announces $640 million funding round
Computer vision startup, Trax, has secured $640 million in a Series E financing round led by SoftBank Vision Fund 21 and BlackRock.
The round, the biggest in Trax’s history, also included new investors such as Canadian pension fund Ontario Municipal Employees Retirement System and VC firm Sony Innovation Fund.
No details were provided on the valuation at which the new funds were raised.
“We are witnessing the retail industry adopt digital technologies at an unprecedented pace and scale,” says Joel Bar-El, Executive Chairman and Co-founder, Trax, which was founded in 2010.
“Despite the turbulence of 2020, we made tremendous strides in our business because of our hard work, dedication and team spirit.”
He adds: “Our many solutions address the complex needs of CPG brands and retailers as they rapidly adjust to shifts in consumer behaviour.”
“This funding puts us confidently at the forefront of the future of retail, where the physical and digital combine in new ways to bring meaningful experiences to shoppers.”